90
90
Dec 27, 2012
12/12
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that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the board. and guess what? the special committee could not reach an agreement on an overall fiscal plan. so this sword of damocles is about to drop and put into place a policy no one thought was a good one. >> what is congress' role in this? >> i opposed it. i said this was going to lead to trouble. i laid out where i thought it would ultimately leave us, and he we are. here we are. somebody said to me today, don't you sometimes feel like, i told you so? it doesn't do any good. i wish alan greenspan would have listened to my advise what i said to hi
that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the...
138
138
Dec 24, 2012
12/12
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eye 138
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it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of benefits. we see the payouts. benefits, 90% of the money spent goes to benefits and administrative expenses and retirement. what are some of the other numbers we're seeing? guest: the interest is from the trust fund. so when the last time social security in 1983 they put in a system that generated more money in tax revenue than were being paid out in benefits. a trust fund was built up. so when social security had that additional money, the treasury holds it. they invest it in treasury bonds and those bonds earn interest. that is where that big portion of your income for the
it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of...
126
126
Dec 23, 2012
12/12
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eye 126
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it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the year is getting old because everything is rushed. we need to sit back and go over the cliff and let these guys see if they cannot work out a deal. so far they have not been able to do it for the last four years. i do believe that we need to stay at 18% to 20% gdp. as far as cuts, we have never really gotten the cuts that we were supposed to. that is like a sequester. that was passed in 2011. they are still working on it. most of the cuts are based on the increases that are built in due to baseline. when we do cuts, we need to go back to a zero baseline. caller: their collars are incredibly w
it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the...
91
91
Dec 27, 2012
12/12
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eye 91
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accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported wood -- host: i think we got your point. do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana, with the appropriate warnings and the like, you can make a case for it. when you get addicted to those things like cocaine, it is difficult to get you off of it. much harder than cigarettes and liquor. you have to have gradations. when people get paroled from prison, oftentimes a nuclear weapon. they go back to using drugs. do you throw them in for another five or 10 years? do you let them go? spend a night in jail. there is a lot of gradations on this thing. that debate will be joined. in terms of medical marijuana, there's an element of marijuana that i do not understand they cannot extract
accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported wood -- host: i think we got your point. do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana,...